Norwegian Ambassador highlights Norfund's commitment to green investments in India
Jan 24, 2024
New Delhi [India], January 24 : May-Elin Stener, the Norwegian Ambassador to India, took to the social media platform X to share a momentous update about Norfund, the Norwegian Investment Fund for developing countries.
Expressing her delight, Ambassador Stener posted, "Happy to receive Norfund board of directors to , where the Investment Fund has invested in renewables sector to contribute to ambitious green goals . Investments now over 286 million USD including 50 million USD investment in SAEL announced during this visit".
Norfund, owned and funded by the Norwegian Government, serves as a critical instrument in advancing sustainable development in developing countries.
With a mission to create jobs and improve lives, Norfund focuses on investing in businesses that drive sustainable development, particularly in regions facing challenges that deter conventional investors.
The Norfund Act of 1997 delineates Norfund's mandate, emphasizing its role in assisting the development of sustainable businesses and industries in developing countries.
By providing equity capital and other risk capital, Norfund actively supports the establishment of businesses that might otherwise face challenges due to high risks.
Sub-Saharan Africa remains the primary investment region for Norfund, and the fund extends its reach to selected countries in Asia and Latin America.
The commitment to investing in areas where others might hesitate underscores Norfund's dedication to fostering sustainable development and reducing poverty through the empowerment of the private sector.
One of Norfund's significant investments is in Sustainable and Affordable Energy for Life (SAEL), a renewable energy company in India.
SAEL focuses on solar and agri waste-to-energy projects, aligning with India's goals of meeting its energy demand sustainably.
The recent 50 million USD investment in SAEL is a testament to Norfund's dedication to contributing to India's green initiatives.
Ambassador May-Elin Stener's social media post not only reflects the success of Norfund's investments but also highlights the collaborative efforts between Norway and India in advancing sustainable development and renewable energy solutions.
As Norfund continues to play a crucial role in promoting green investments globally, its contributions to India's renewable energy sector stand as a beacon of sustainable development partnerships.
